LONDON (Alliance News) - Germany retail-focused real estate investor Treveria PLC on Thursday said it has sold its two wholly-owned subsidiaries to Haflinger Invest Ltd and Phylira NV.
Treveria will get EUR17.0 million in cash from the sales, lower than the EUR24.0 million valuation of its holdings in the subsidiaries. The sales are in line with Treveria's policy to carry out an orderly realisation of its portfolio, it said.
Haflinger is a company owned by a group of investors, including Richmond Invest GmbH and Richmond Invest BV. David Malpica, a non-executive director on Treveria's board, holds an interest in the Richmond vehicles.
Following the sale of all of its property assets, Treveria now intends to make a further announcement on its plans to return cash to shareholders, to cancel its listing on AIM and to wind up the company.
Additionally, Treveria said it has concluded the legal proceedings initiated against two of its former advisers on "mutually acceptable terms."
Shares in Treveria were untraded Thursday, having last traded at 0.0175 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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